• Welcome to The Student Loan Debt Forum | The College Investor. Please login or sign up.
 

Private Student Loans - Default Status Pending

Started by dreamchaser84, May 14, 2019, 12:05:58 pm

Previous topic - Next topic

dreamchaser84

So I'm looking for information regarding private student loans (PSL) and what the process is when they are in default. I have 4 PSL that will be in default status at the end of this month according to Navient. I have tried to negotiate lower payment for my loans but they have told me that there isn't one. So I want to know how much time I have before they try to sue me once they don't receive payment at the end of this month. I have plan to pay back the loans, I just need to know how much time I have to put the plan in motion. I welcome advice from anyone who is familiar with the default process of PSL.

TheCollegeInvestor

It will not be pleasant, but once you default, you probably don't have to worry about a lawsuit for a year or so. You will be hounded by debt collectors, and see a lot of fees and collection costs added onto your loan.

You might want to check this out: https://www.reddit.com/r/studentloandefaulters/